GyanDhan, an education financing marketplace, has raised an undisclosed amount in seed funding from Stanford Angels and Entrepreneurs, and Harvard Angels. Pravin Gandhi, partner at Seedfund Advisors also invested in his personal capacity.
Founded by IIT alumni, Ankit Mehra and Jainesh Sinha, last year, GyanDhan offers students an option to apply for higher education loans upto INR 30 Lakhs without any collateral. Prior to this, Mehra and Sinha were analysts at the American financial services institution, Capital One.
GyanDhan will use the raised funds to build the tech platform, and to further develop their data sciences capabilities.
Ankit Mehra, co-founder, GyanDhan, said that they will be rolling out new loan product offerings catering to the under-served pockets in domestic education over the next 12 months.
The company claims to have processed over 2,500 applications till date, and has helped students avail loans worth INR 10 Cr. It has tied up with Axis Bank and State Bank of India to offer loans to its customers, and charges commission from its lenders. Jainesh Sinha, co-founder, GyanDhan added that the remaining applications will be processed soon and they expect to sanction over INR 30 Cr in loans by the end of this year.
GyanDhan had earlier received angel funding from Satyen Kothari, founder of Cube and Citrus Pay.
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